Loan modification fraud
In a perfect world, there would be no fraud. There would be no greedy homeowners looking to reduce their monthly mortgage payments even though they do not really have to have them lowered. There would be no greedy loan modification attorney’s looking to rip off a homeowner who is barely able to afford his or her house. And there would be no stringent banks that refuse to help out honest homeowner’s who have fallen upon hard times.
Do not get me wrong, the majority of loan modifciation dealings are 100% fraud free, but the 20% that are not give the 80% that are legitimate a bad name.
I saw a statistic that stated that up to 75% of loan modification companies are scammers, I was surprised to hear that the number was that high but I certainly was not shocked.
The best way to avoid loan modification fraud is to be 100% upfront and honest with your lender and to only work with trustworthy people who have a solid reputation in the field. Trust me, you do not want to be taken advantaged of during a loan modification dealing.